What Every Senior Should Know About Medicare and Medicaid

There are many things about Medicare and Medicaid that seniors need to be aware of and understand.

There are two main programs that offer them benefits that are administered by the government. These two programs are Medicare and Medicaid and all seniors should learn everything about Medicare and Medicaid that they can before they turn 65 years old or earlier if the senior has some sort of disability. Medicare is a benefit that is available to people age 65 or older. If a person under the age of 65 has a certain type of disability, they may also be eligible for Medicare. If a person is not a citizen of the United States, they must have come into the United States legally at least five years before they try to receive the benefits from Medicare. The Medicaid program is one that is available for people who have a limited amount of income.

Medicare A & B:

Medicare A pays for certain types of home health care. It’s set up to pay for nursing facilities or hospital care and hospice. Patients may not have to pay a fee for Medicare A depending on how much Medicare taxes have been paid by them through their lifetime. Medicare B pays for the medical part of outpatient care and necessary doctors’ services. It will also cover flu shots and other preventive care costs.

How You Get Coverage:

The traditional Medicare coverage covers both Part A and Part B. The person can have either parts or one part. There is a deductible that is mandatory and coinsurance charges. A supplement to the Medicaid policy is available and is called Medigap. This pays for some of the gaps that are not covered with Medicare.

Medicaid:

Medicaid is designed to help people with a low income. This health insurance plan is run by the state government and the Federal government. Each state handles its own states residents. The rules for eligibility have to do with assets and income of the individual person. States may have different rules when it comes to determining the financial need of a person.

The Biggest Obstacle About Medicare and Medicaid:

Experts agree that the biggest obstacle about Medicare and Medicaid is that seniors don’t realize or understand that these programs are not going to cover all the expenses that they may need covered for long term care. Most citizens insure their cars, homes and property, but they don’t tend to insure their health so much. Most don’t think about the need of long term care insurance until something happens and their finances are left at risk.